Stanley Black & Decker Acquires 95% of Sweden’s Niscayah

Stanley Black & Decker Inc. , the U.S. toolmaker bidding for Niscayah AB, has acquired more than 90 percent of the surveillance system maker’s shares, said a person with knowledge of the process. Photographer: David Paul Morris/Bloomberg

Stanley Black & Decker, based in New Britain, Connecticut,
had offered about 7.6 billion Swedish kronor ($1.2 billion), or
18 kronor a share in cash, for Stockholm’s Niscayah, surpassing
a rival offer from Securitas AB. All conditions for the offer
have been satisfied and settlement is expected to start Sept. 9,
Stanley Black & Decker said today in a statement.

The purchase allows the toolmaker, the largest in the U.S.,
to bolster systems for surveillance and fire alarms. Stanley
Black & Decker’s security business last year topped $2.1 billion
in revenue, accounting for about one-fourth of the total.

Holders representing about three-quarters of the shares and
warrants outstanding have agreed, Stanley Black & Decker said in
the statement, and the acceptance period has been extended to
Sept. 23.

Alarm-system maker Securitas had offered 5.8 billion kronor
for Niscayah in May via a share swap. Stanley Black & Decker’s
bid came more than a month later. Melker Schorling AB, the
second-biggest shareholder by votes in Stockholm-based Securitas
as well as Niscayah, said in July it wouldn’t oppose the Stanley
Black & Decker bid if it wound up being higher.

Stanley Black & Decker fell $1.86, or 3.1 percent, to
$58.50 as of 1:48 p.m. in New York Stock Exchange composite
trading. Niscayah closed at 18 kronor in Sweden.